REPO DREAMING
I found your website after doing a search on yahoo for "voluntary repossession". My question is: I am stuck with a 2001 Grand Am whose engine decided to go on me recently. I attempted to trade the car in but was told that there was too much negative equity. I also was only being offered $1000 on a car that is worth (approx.) $7000 and I owe close to $5000 still on it. I decided not to trade it in because it wouldn't have been worth it... my car payment would've been close to $600 a month because of the negative equity. I did buy a new car, but now can't figure out what to do with the dying 2001. Can you give me a good suggestion? All I can think of is giving it to the lender and letting it be their problem. Would that be a smart move? I wouldn't sell the car to anyone because of the knocking and pinning and its inability to drive very far (before acting like it wants to die).
Thanks. I appreciate any good advice you can give.
(Unsigned)
Unsigned,
I can answer your question a couple of ways. I could say read the columns below and you will find that repossession solves nothing.
OR, you can walk yourself through your own words and come up with an answer.
“I am stuck with a 2001 Grand Am whose engine decided to go…”
“I also was only being offered $1000 on a car that is worth (approx.) $7000.”
“I wouldn't sell the car to anyone because of the knocking…(before acting like
it wants to die).
Q: Is the vehicle really worth $7000 or $5000? Or does that amount refer to a vehicle in running condition?
A: Running
B: Great lawn ornament
Q: Which? You wouldn’t sell it or no one would by it.
A: Doesn’t matter because the result is the same.
B: Hoping for a blond with money.
“All I can think of is giving it to the lender and letting it be their problem.”
Q: How does it become their problem?
A: Houdini works there and can restore the car by magic.
B: After 25 years it becomes a classic and appreciates in value.
C: All I can think of is steak and potatoes.
D: Paying insurance and upkeep on a worthless car makes sense… somehow.
E: It doesn’t become their problem because they will sell it for $1000 and I will still owe $5000, plus repossession costs.
“Would that be a smart move?”
A: No
B: Definitely not
C: Could cause competency hearing
D: Better than sky diving without a parachute
Q: What is good advice?
A: Keep it - because I want to be right and will be… eventually.
B: Maybe I can get the Darwin Award and sell the trophy.
C: Get rid of it, take the loss, and be a wiser consumer in the future.
There goes Santa Claus,
Everybody’s Uncle
